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CALGARY, Jan. 22, 2014 /CNW/ - Hawk Exploration Ltd. ("Hawk" or the
"Corporation") announces that it has granted a total of 1,136,500
options to directors, officers, employees and consultants, of which
975,000 were granted to directors and executive officers. Each option
entitles the holder the right to acquire one Class A Share of the
Corporation at an exercise price of $0.42 per Class A Share and expires
ten years from the date of issue. The options vest equally over a three
year period on the first, second and third anniversary from the date of
grant. There are now options outstanding to purchase a total of
3,421,500 Class A Shares of the Corporation, or approximately 9.6% of
the Corporation's issued and outstanding Class A and Class B Shares.

Operational Update
Hawk achieved an exit production rate, being the average sales volume
for the month of December 2013, of approximately 750 boe/d while fourth
quarter 2013 production averaged approximately 680 boe/d, with an oil
weighting of 98 percent for both periods. The Corporation has, so far
in 2014, drilled one (1.0 net) vertical well in the Redwater area of
Alberta which has been cased and is awaiting completion. Hawk expects
to drill an additional three to four (3.0 to 4.0 net) vertical wells
targeting heavy oil in western Saskatchewan in the first quarter of
2014.

Corporate Presentation
An updated presentation has been posted on the Corporation's website at www.hawkexploration.ca. The corporate presentation can be located under the Investor
Information - Presentation page of the website.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as the term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute
forward-looking statements. All forward-looking statements are based on
the Corporation's beliefs and assumptions based on information
available at the time the assumption was made. The use of any of the
words "anticipate", "continue", "estimate", "expect", "may", "will",
"project", "should", "believe" and similar expressions are intended to
identify forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. Hawk believes the expectations reflected in
those forward-looking statements are reasonable, but no assurance can
be given that these expectations will prove to be correct. Such
forward-looking statements included in this press release should not be
unduly relied upon. These statements speak only as of the date of this
press release.

In particular, but without limiting the forgoing, this press release
contains forward-looking statements pertaining to the following: the
performance characteristics of Hawk's oil and natural gas properties;
business strategies and plans; projections of market prices and cost;
supply and demand for oil and natural gas; planned development of the
Corporation's oil and natural gas properties; the timing of and nature
of capital expenditure program for 2014; and the expected sources of
funding for the 2014 capital expenditure program.

The material factors and assumptions used to develop these forward
looking statements include, but are not limited to: the ability of the
Corporation to engage drilling contractors, to obtain and transport
equipment, services, supplies and personnel in a timely manner and at
an acceptable cost to carry out its activities and plans; the ability
of the Corporation to market its oil and natural gas and to transport
its oil and natural gas to market; the timely receipt of regulatory
approvals and the terms and conditions of such approval; the ability of
the Corporation to obtain drilling success consistent with
expectations; and the ability of the Corporation to obtain capital to
finance its exploration, development and operations.

Actual results could differ materially from those anticipated in these
forward-looking statements as a result of the risk factors including,
without limitation: volatility in market prices for oil and natural
gas; liabilities inherent in oil and natural gas operations;
uncertainties associated with estimating oil and natural gas reserves;
competition for, among other things, capital, acquisitions of reserves,
undeveloped lands and skilled personnel; incorrect assessments of the
value of acquisitions and exploration and development programs;
geological, technical, drilling and processing problems; changes in tax
laws and incentive programs relating to the oil and natural gas
industry; failure to realize the anticipated benefits of acquisitions;
general business and market conditions; and certain other risks
detailed from time to time in Hawk's public disclosure documents
(including, without limitation, the other factors discussed under "Risk
Factors" in the Corporation's most recently filed Annual Information
Form).

Barrels of oil equivalent (boe) may be misleading, particularly if used
in isolation. A boe conversion ratio of six thousand cubic feet (mcf)
of natural gas to one barrel (bbl) of oil is based on an energy
conversion method primarily applicable at the burner tip and is not
intended to represent a value equivalency at the wellhead. All boe
conversions in this press release are derived by converting natural gas
to oil in the ratio of six thousand cubic feet of natural gas to one
barrel of oil. Certain financial amounts are presented on a per boe
basis, such measurements may not be consistent with those used by other
companies.